Silk Road forums
Discussion => Security => Topic started by: Chaosforpeace on April 10, 2013, 07:26 pm
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Someone explain what is happening right now with bitcoin that its flucating like this
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I mean I partied hard last night and went to sleep at 235$ a coin. I just woke up and I'm freaking out
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Steady hands my friend, lots of panic selling going on but that will subside. We will either see a sustainable price for BTC or there is going to be another very large pump by some big whale money.
If it was money you could afford to lose, hang on to it. This would also be a great buy opportunity (High risk vs high reward)
Just don't emotionally react
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Panic! Fire and brimstone coming down from the sky! Rivers and seas boiling! Forty years of darkness! Earthquakes, volcanoes! The dead rising from the grave! Human sacrifice! Dogs and cats, living together! Mass hysteria!
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Fuck it, I'm investing 10,000$ right now and letting it ride.
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I only believe that MtGox is being attacked by a DDOS (distributed denial of service) a botnet attack from an army of computers. No doubt that this is planned attack, and probably the people who lose money will have little recourse, because BTC hasn't caught up with the scandals and technical exploits that are illegal in stock manipulation.
If you can buy in at some of the low levels, like $110-$120 I'd do it. But the services like MtGox and BitFloor (sob's don't even return a email before today about delays) are too busy probably making money by this known manipulation. People see the price falling, so they start to sell, it got started by some large trades and then they do the DDOS and the market goes wild. Big guys probably already got in at the lowest prices and the price will rise later today (or it won't, no body knows except the manipulators)
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I remember when I did my first investments. I seriously got sick when thing got volatile.
BTC has gone parabolic over the past week. In short to many people got on the BTC train and now the smart money is taking profits.
I want to point something out. It doesn't matter if 1BTC = $200 or if 1BTC = .50
Its not the denomination of BTC that makes it priceless, its the fundamentals ( crypto-currency ) that make the difference.
Plan out your purchases and then convert your currency to BTC a few days or even hours before you purchase your goods.
This will take all the guess work out of where the prices of BTC are going. In truth it really doesn't matter where it goes, just as long as it doesn't go away.
BTC is only a link in the chain people. I am here for the goods not the BTC.
Unfortunately the vendors are the ones that are going to have more of a rough time than the cutomers :/ because of them having to cash out.
So please respect the vendors here! There would be no SR if there wasn't any vendors.
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Unfortunately the vendors are the ones that are going to have more of a rough time than the cutomers :/ because of them having to cash out.
So please respect the vendors here! There would be no SR if there wasn't any vendors.
Well the vendors have been making a killing with the huge rises lately. Lets say you ordered something last thursday for 1BTC (about $130 then), by the time you got it and finalized that BTC was worth well over $200. I'm talking unhedged orders which I notice a lot are these days.
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I remember when I did my first investments. I seriously got sick when thing got volatile.
BTC has gone parabolic over the past week. In short to many people got on the BTC train and now the smart money is taking profits.
I want to point something out. It doesn't matter if 1BTC = $200 or if 1BTC = .50
Its not the denomination of BTC that makes it priceless, its the fundamentals ( crypto-currency ) that make the difference.
Plan out your purchases and then convert your currency to BTC a few days or even hours before you purchase your goods.
This will take all the guess work out of where the prices of BTC are going. In truth it really doesn't matter where it goes, just as long as it doesn't go away.
BTC is only a link in the chain people. I am here for the goods not the BTC.
Unfortunately the vendors are the ones that are going to have more of a rough time than the cutomers :/ because of them having to cash out.
So please respect the vendors here! There would be no SR if there wasn't any vendors.
^^^ what he said x 2 especially the part about the important thing being the fundamentals of crypto-currency... We're riding the storm tossed seas of the bitcoin bubble, but we're still getting great product reliably delivered to our door.
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Right now the price of a bitcoin is shooting up faster then a junkie who found the Silk Road.
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Right now the price of a bitcoin is shooting up faster then a junkie who found the Silk Road.
Lmao 8)
I too will not freak out and am going to act as a "Bear" in the market. I believe this currency has advantages that will make it go up over time in the long run.
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Fuck it, I'm investing 10,000$ right now and letting it ride.
Your statement just marked the top of BTC. Seems like your foolishness is not bound to questions about importing 40kilos of coke or looking for group buyers for 5500/lb MJ.
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Fuck it, I'm investing 10,000$ right now and letting it ride.
Your statement just marked the top of BTC. Seems like your foolishness is not bound to questions about importing 40kilos of coke or looking for group buyers for 5500/lb MJ.
You know I didn't ask anyone for 55 a LB. it was 2k or less.
Why is this foolish. I invested everything into at a low price. I'm going to make bank here.
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buying doesn't make you foolish. bulls make money, bears make money. pigs get slaughtered. investing 10K when the markets are at max risk makes you a pig.
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LOL this IS the time to buy, its going to rise again and probably surpass todays high within the week mark my words.
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buying doesn't make you foolish. bulls make money, bears make money. pigs get slaughtered. investing 10K when the markets are at max risk makes you a pig.
In a week your going to be begging to suck my dick for some of my fortune.
Chaos
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Fuck it, I'm investing 10,000$ right now and letting it ride.
Your statement just marked the top of BTC. Seems like your foolishness is not bound to questions about importing 40kilos of coke or looking for group buyers for 5500/lb MJ.
You know I didn't ask anyone for 55 a LB. it was 2k or less.
Why is this foolish. I invested everything into at a low price. I'm going to make bank here.
he'd rather you'd let him loose your money for you if I recall his earlier posts correctly.. DDOS Chaos.. I posted a thread earlier.
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chaosofpeace, you know I don't like you, but I still don't like to see anyone lose money. just be careful with your risk in this market. and even if you had $1 bil and I were gay, I still won't touch your dick with a 2 inch pole cuz I guess that's how big you are.
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What to do when bitcoins go down in value?
A-always
B-be
B-buying
Put that coffee down. Coffee's for buyer's only. You think I'm fuckin' with you? I am not funkin' with you. I'm here from downtown. I'm here from Mitch and Murray. And I'm here on a mission of mercy. It takes brass balls to buy bitcoins.
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buying doesn't make you foolish. bulls make money, bears make money. pigs get slaughtered. investing 10K when the markets are at max risk makes you a pig.
In a week your going to be begging to suck my dick for some of my fortune.
Chaos
or maybe you will be sucking dick to support your habit after bitcoin bit(es) the dust and your fortune evaporates into the dark recesses of an anonymous netherworld.
Chaos.....fine, ignorance sublime, free to plumb the depths and scour the heavens. His innocence preserves him, he asks no protection
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buying doesn't make you foolish. bulls make money, bears make money. pigs get slaughtered. investing 10K when the markets are at max risk makes you a pig.
In a week your going to be begging to suck my dick for some of my fortune.
Chaos
or maybe you will be sucking dick to support your habit after bitcoin bit(es) the dust and your fortune evaporates into the dark recesses of an anonymous netherworld.
Chaos.....fine, ignorance sublime, free to plumb the depths and scour the heavens. His innocence preserves him, he asks no protection
If it happens that's the way it goes my man.
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Fuck it, I'm investing 10,000$ right now and letting it ride.
Your statement just marked the top of BTC. Seems like your foolishness is not bound to questions about importing 40kilos of coke or looking for group buyers for 5500/lb MJ.
x2. total clown
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if you are going to invest 10k, buy through mtgox please
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Maybe im a big ignorant or some, but, i think bitcoin its really close to an epic fall.
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if you are going to invest 10k, buy through mtgox please
Done through Moneypak. I'm 20$ up a coin since I invested.
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Just cause i love your threads :) Its going to go up and its going to go over the high this morning of 260 I can almost ALMOST be positive of that if you were to invest now would be the time yes i feel btc getting huge as it surpassed paypal a while ago!
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Maybe im a big ignorant or some, but, i think bitcoin its really close to an epic fall.
sometimes it's better to keep your mouth shut and appear ignorant than it is to open it and remove all doubt.
The only thing you got right is the epic fall
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Seems to be hovering around 150 now. People are dipping their toes but not many are jumping in.
I predict Bit Coin will begin its ascension on monday 04/15/2013, and it will take another dive later in that week.
It's the Ea$t Coa$t buy in, We$tCoa$t ca$h out cycle.
Still waiting on some of my 45$ an oz silver to mature. At least .9999 silver has medicinal uses, so I'm not at a total loss with that.
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Seems to be hovering around 150 now. People are dipping their toes but not many are jumping in.
I predict Bit Coin will begin its ascension on monday 04/15/2013, and it will take another dive later in that week.
It's the Ea$t Coa$t buy in, We$tCoa$t ca$h out cycle.
Still waiting on some of my 45$ an oz silver to mature. At least .9999 silver has medicinal uses, so I'm not at a total loss with that.
[/quotewer
You worded this nicely and I was having the same thoughts. The buyer's/resellers will be ready to invest again in a week or two, once they use and sell their product. The rise next week would give the big investors confidence again. I'm glad I cashed out around $170 a coin. Hopefully were right and it starts to climb again next week. I predict it'd go through about the same cycle if it doesn't go higher this time.. Only time will tell ;)
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Man, people are pumping bitcoin way too hard.
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My exchange says 63$ right now. I still have faith in bitcoin. I hope I'm not wrong,
Chaos
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Dont sell any of them, just hang onto them and wait. ;)
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I bought in at over 100. (Also ~$50 / $90)
Definitely hang on guys! You really think that after all this, BTC is just going to fizzle out and die? Its potential (both good and bad) are only now being realized.
Dare I say it, but I'd almost suggest buying more when it's super low. Worst case scenario, the price stays there. You then have a stable stock of coins that you can spend without any volatility. Best case scenario, they appreciate a bit from all the other people buying at the "floor".
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The price drop is amazing, I'm sure glad I bought as the price of a btc reached the giddy heights of 145 UK pounds, its now dropped to 42 UK pounds.
As for why the price dropped, I'm guessing it has to do with circulation of bitcoins. So far the mining of the coins has been mainly European and USA but surely the Chinese are into this also, in fact, given the fact owning some coins is like a gamble right now, I'd not be surprised if the Chinese went all for bitcoins!
My advice echoes others. Don't panic sell, I predict that the price of bitcoins will go even higher than 145 UK pounds and see no reason why they cannot rise way above 200.
As for them going super low again, that would mean coins are easy to mine but its a fact that they get more difficult to mine as time goes on which will generally lead to the price going up, not down. Even if technology made it easy to mine the coins, the difficult of creating the coins would always be on a par with that.
And as a buyer of products, right now my coin is obviously buying less. I think we have seen a glut of panic buying today, people watching the btc charts and seeing losses each time they reload the page, will have just bought whatever they usually buy. Be interesting to see how much coin passed through SR today, but obviously, that is private information.
I have to make a purchase for someone who sadly bought at just under 100 UK pounds a coin and is now looking at getting half of what they forked out for. I'm leaving my coin and am sure that we will see the btc level out again.
For vendors, its a case of most having done pretty well over the past few weeks. I'd have cashed half in and kept half.
Anyway, best buy before we see tears!
And, bitcoin is actually going up. Its risen almost 1% since I started this.
Might wait till tomorrow to grab that listing.
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The price dropped because of panic caused by the MtGox lag. Ironically, bitcoin crashed because too many people want bitcoins and the infrastructure can't handle them. There are multiple lines of evidence to support this. Account creation at MtGox is up 10 fold over last month. You think those people are going away? Most of them haven't had a chance to buy, because it takes a week to transfer money to MtGox.
We saw the same thing today. As trading began in the United States, the lag went to 3, 5, then 7 minutes and the price dropped from $170 to $120, and then they suspended trading. IF they finally have their shit together when they reopen in a few hours, I think after an initial bout of craziness, perhaps another crash, the price will finally start rising again.
There's 10 times as much interest in bitcoin now as there was when it first climbed from $10 to $100.
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The media keeps talking about Bitcoin...so the more people who jump on and buy, prices will sky rocket again, and yeah they will maybe triple in price..
But i'd say in a few hours when the japanese re-open Mt.Gox, things will pick up again.
Who believes BTC's will rise to $500 towards the end of this year? And will LTC's once listed on Mt.Gox follow them?
Will be interesting to see what happens...
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Lots of heavy hitters are looking at bitcoin. It can only be a good thing. If not I worked 2 weeks free :(
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I still see this as an opportune time to invest at such low rates.
Chaos
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Worth buying some right now?
Thinking it might dip down to 60s again then shoot right up
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Worth buying some right now?
Thinking it might dip down to 60s again then shoot right up
That said, buying in australia is still pretty expensive .. $118 + fee.
Needed dollars in an exchange account to make the most of this situation..
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Worth buying some right now?
Thinking it might dip down to 60s again then shoot right up
Right now I'm trying to borrow some money so I can keep investing.
Chaos
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Buy, buy, buy.
They will be going back up very soon.
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Buy, buy, buy.
They will be going back up very soon.
If we'r wrong I'm going to be on the street quick.
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Then dude, don't buy more. :\
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Then dude, don't buy more. :\
I gamboled to get myself to where I am now, so if I'm going I lose it should be through the same route. In truth I don't see bitcoin as a gamble, I believe it is a sure thing.
Chaos
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My exchange says 63$ right now. I still have faith in bitcoin. I hope I'm not wrong,
Chaos
Mt. Gox claims 20,00 new accounts daily. Heard they're throwin' in a free jar of Vaseline. :o
BTW.....How's your fortune doin' Chaos?
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My exchange says 63$ right now. I still have faith in bitcoin. I hope I'm not wrong,
Chaos
Mt. Gox claims 20,00 new accounts daily. Heard they're throwin' in a free jar of Vaseline. :o
BTW.....How's your fortune doin' Chaos?
I might be down now, but I still believe by next Friday it could be easily back at 200+.
Chaos
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I've been told they will crash once Gox re-opens, and heard they will rise in value also..
So if you cant afford to lose what you want to invest, i'd wait it out.
Go to btc-e.com and see what happens. Around ten mins Gox will be back online.
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I've been told they will crash once Gox re-opens, and heard they will rise in value also..
So if you cant afford to lose what you want to invest, i'd wait it out.
Go to btc-e.com and see what happens. Around ten mins Gox will be back online.
Well I have everything to my name in right now, so its to late to wait this out. As I said earlier. Either this will be amazing for me or it will be the worst mistake I have ever made. Won't know until after whatever happens happenes.
Chaos
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Bitcoins are CURRENTLY TRADING AT ~ $118.50 AUD
RIGHT NOW :-\ midday EST
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good support at the mid 60's nice bounce from $65 to $105 10:25 to 10:41 EST
you still hangin' in there Chaos? Don't open a vein just yet.........looks like the little train may be back on track
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good support at the mid 60's nice bounce from $65 to $105 10:25 to 10:41 EST
you still hangin' in there Chaos? Don't open a vein just yet.........looks like the little train may be back on track
I'm holding in just fucking not moving my eyes from the BTC price. Nothing I can do, but wait. I'm starting to get a headache from watching the screen.
Shit goes wrong I might pull a batman and try and fly off the top of a building with my cape.
Chaos
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If this volatility continues people will lose confidence and the coin will be back to $10 for the foreseeable future.
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If this volatility continues people will lose confidence and the coin will be back to $10 for the foreseeable future.
Lets hope not for my sake kinte.
Chaos
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If this volatility continues people will lose confidence and the coin will be back to $10 for the foreseeable future.
Lets hope not for my sake kinte.
Chaos
You really spent 10k on coin at 200$+ a coin?
No one with money buys high in volatile times.
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If this volatility continues people will lose confidence and the coin will be back to $10 for the foreseeable future.
Lets hope not for my sake kinte.
Chaos
You really spent 10k on coin at 200$+ a coin?
No one with money buys high in volatile times.
No I did that at 135 a coin. I still see it as a good investment and I believ it will raise above that by Saturday.
Chaos
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good support at the mid 60's nice bounce from $65 to $105 10:25 to 10:41 EST
you still hangin' in there Chaos? Don't open a vein just yet.........looks like the little train may be back on track
I'm holding in just fucking not moving my eyes from the BTC price. Nothing I can do, but wait. I'm starting to get a headache from watching the screen.
Shit goes wrong I might pull a batman and try and fly off the top of a building with my cape.
Chaos
don't worry.....be happy! :-* only through chaos can there be true happiness!
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The big players are cashing in and out and destabilizing the currency,theres no more money to be made for average joe.
Enjoy your drugs folks.
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wut are bitcoins ???
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Someone explain what is happening right now with bitcoin that its flucating like this
The price raised extremely quickly - Too quickly and created a bubble. Now people are panic selling causing the price to drop very sharply.
IMO it will still drop further yet. Not saying it will happen, just my prediction.
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I keep trying to go to mtgox.com and it keeps redirecting me to mtgoxlive.com Is anyone else experienceing this?
Chaos
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I wouldnt even buy 2 coins for a gram of coke right now,imagine what the people holding 50,000 bitcoins are thinking?The big players are getting spooked by the bigger players.
Sell sell sell
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I wouldnt even buy 2 coins for a gram of coke right now,imagine what the people holding 50,000 bitcoins are thinking?The big players are getting spooked by the bigger players.
Sell sell sell
What you are saying is sell low, then when it goes back up, buy high.
Someone failed 1st semester stocks.
Chaos
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What im saying is that confidence is gone and no one should invest in it.Wait till it stabilizes so we can see its true worth.
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I wouldnt even buy 2 coins for a gram of coke right now,imagine what the people holding 50,000 bitcoins are thinking?The big players are getting spooked by the bigger players.
Sell sell sell
What you are saying is sell low, then when it goes back up, buy high.
Someone failed 1st semester stocks.
Chaos
But is $100 or whatever the current price is really a low?
The price could easily fall to under $20 like it was just 3 months ago then the losses would be even bigger. But then again, it could easily rise back up to $200 quickly. No one knows - It's a gamble.
When purchasing shares, you look at the 52-week high and low. The 52-week low for BTC is under $10.
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What im saying is that confidence is gone and no one should invest in it.Wait till it stabilizes so we can see its true worth.
If no one trusts it then we are all screwed here.There is always someone on the other side of the coin.
Chaos
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If people stop investing in BC and the sellers on the road stop selling for a while (like some already have) then the price will drop like a rock.
This DDOS attack on MtGox is designed to destroy confidence,people will either hang on to what bitcoin they have or sell.
If this market can be manipulated so easily by big money u either want to be in with the manipulators or not in the market at all.
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I keep trying to go to mtgox.com and it keeps redirecting me to mtgoxlive.com Is anyone else experienceing this?
Chaos
Earlier today, CBS and others reported that they shut down trading for a while. I noticed that the site had gone down multiple times over the past two days. Expect this when the swing goes too far in either direction. If you're just following the price, you can go to: http://bitcoincharts.com/markets/
They have gone down twice, themselves, but have been more reliable than the Mt. Gox site during the crash, except that their quotes are a few minutes behind right now (sometimes, they're faster than any trader site).
I expected this to happen, just not to the tune of a swing of more than $110/coin on average. That's why I spent most of my coin before it crashed. This adjustment was planned. If you hadn't already gotten out, hold onto them. I stopped buying on SR when it dipped below $180, and let a vendor cancel an order because he didn't hedge. All of those big investors are coming right back, they just want to maximize profits...this is the way to do it. Not much different than other markets. I know, because I was in the financial field for a stint, and have been following the trends of this emerging market. This was actually a good thing for long-term investing...the national coverage from the burst bubble will bring more people trying to make easy money. Just watch your butt from now on. If you see a double-digit rise for days, expect this to happen, and don't get too greedy. The big upward trends have been good for just under two weeks on average, before a correction. If you haven't noticed with the past four significant corrections- the first happened on a Friday, the second was on a Thursday (only 1 week after the previous), the third was on a Wednesday, and the fourth was this past Tuesday night. It's almost funny to me, because I told a vendor who hedges that I wanted to get my order in on Monday night because the market was maxed out and due to crash. The reason it was 'almost' funny was because I still lost money on my coin. Then again, it wasn't mine to begin with.
Keep a base amount for profit (maybe 1/3 of your coin), and use the rest for purchases. I'm still up close to triple my initial investment on my remaining coins, have liquidity ready to deposit when it bottoms out, and will be sitting on product. If you use your liquidity to heighten profit, make it short term (no more than a week). Cash out the principal, or buy product, and only let the profits ride. Wait to use more of your liquidity until there's a correction, or you make another purchase. I split my investment into thirds this way, and it has kept me really happy. Just keep rotating, and you'll avoid these big swings.
I predict that the market will tumble a little lower tomorrow, but will temporarily stagnate. It depends on the small-timers to make the market begin to rise over the weekend. If not enough people invest, it will continue to slowly lose ground before it picks back up by mid-week next week. If you see it begin to steadily rise on Saturday night or Sunday, expect the market to make solid gains come Monday-Tuesday. This weekend will be a great indicator of what's going to happen...a big rise, expect it to carry through the week...a small loss, expect the gains to hold off a little longer. Either way, next week is going to be a good week to invest.
Now that Bitcoin has gotten bigger, the fatcats have found a way to screw the average investor (kinda reminds me of the LIBOR scandal). It's no different than stocks, bonds, other currency, or derivatives. They're in the game now, and they can hold us all hostage whenever they choose to get together and short/inflate the market. That is, unless you know their game, and don't get too greedy. Bitcoin is a 2.1 billion dollar industry now (at 100/coin), and the worst kind of addicts have gotten their hands on their favorite fix (at your expense).
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I keep trying to go to mtgox.com and it keeps redirecting me to mtgoxlive.com Is anyone else experienceing this?
Chaos
Earlier today, CBS and others reported that they shut down trading for a while. I noticed that the site had gone down multiple times over the past two days. Expect this when the swing goes too far in either direction. If you're just following the price, you can go to: http://bitcoincharts.com/markets/
They have gone down twice, themselves, but have been more reliable than the Mt. Gox site during the crash, except that their quotes are a few minutes behind right now (sometimes, they're faster than any trader site).
I expected this to happen, just not to the tune of a swing of more than $110/coin on average. That's why I spent most of my coin before it crashed. This adjustment was planned. If you hadn't already gotten out, hold onto them. I stopped buying on SR when it dipped below $180, and let a vendor cancel an order because he didn't hedge. All of those big investors are coming right back, they just want to maximize profits...this is the way to do it. Not much different than other markets. I know, because I was in the financial field for a stint, and have been following the trends of this emerging market. This was actually a good thing for long-term investing...the national coverage from the burst bubble will bring more people trying to make easy money. Just watch your butt from now on. If you see a double-digit rise for days, expect this to happen, and don't get too greedy. The big upward trends have been good for just under two weeks on average, before a correction. If you haven't noticed with the past four significant corrections- the first happened on a Friday, the second was on a Thursday (only 1 week after the previous), the third was on a Wednesday, and the fourth was this past Tuesday night. It's almost funny to me, because I told a vendor who hedges that I wanted to get my order in on Monday night because the market was maxed out and due to crash. The reason it was 'almost' funny was because I still lost money on my coin. Then again, it wasn't mine to begin with.
Keep a base amount for profit (maybe 1/3 of your coin), and use the rest for purchases. I'm still up close to triple my initial investment on my remaining coins, have liquidity ready to deposit when it bottoms out, and will be sitting on product. If you use your liquidity to heighten profit, make it short term (no more than a week). Cash out the principal, or buy product, and only let the profits ride. Wait to use more of your liquidity until there's a correction, or you make another purchase. I split my investment into thirds this way, and it has kept me really happy. Just keep rotating, and you'll avoid these big swings.
I predict that the market will tumble a little lower tomorrow, but will temporarily stagnate. It depends on the small-timers to make the market begin to rise over the weekend. If not enough people invest, it will continue to slowly lose ground before it picks back up by mid-week next week. If you see it begin to steadily rise on Saturday night or Sunday, expect the market to make solid gains come Monday-Tuesday. This weekend will be a great indicator of what's going to happen...a big rise, expect it to carry through the week...a small loss, expect the gains to hold off a little longer. Either way, next week is going to be a good week to invest.
Now that Bitcoin has gotten bigger, the fatcats have found a way to screw the average investor (kinda reminds me of the LIBOR scandal). It's no different than stocks, bonds, other currency, or derivatives. They're in the game now, and they can hold us all hostage whenever they choose to get together and short/inflate the market. That is, unless you know their game, and don't get too greedy. Bitcoin is a 2.1 billion dollar industry now (at 100/coin), and the worst kind of addicts have gotten their hands on their favorite fix (at your expense).
+1 damn well written and some solid advice. We need more members like this.
Chaos
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I keep trying to go to mtgox.com and it keeps redirecting me to mtgoxlive.com Is anyone else experienceing this?
Chaos
Earlier today, CBS and others reported that they shut down trading for a while. I noticed that the site had gone down multiple times over the past two days. Expect this when the swing goes too far in either direction. If you're just following the price, you can go to: http://bitcoincharts.com/markets/
They have gone down twice, themselves, but have been more reliable than the Mt. Gox site during the crash, except that their quotes are a few minutes behind right now (sometimes, they're faster than any trader site).
I expected this to happen, just not to the tune of a swing of more than $110/coin on average. That's why I spent most of my coin before it crashed. This adjustment was planned. If you hadn't already gotten out, hold onto them. I stopped buying on SR when it dipped below $180, and let a vendor cancel an order because he didn't hedge. All of those big investors are coming right back, they just want to maximize profits...this is the way to do it. Not much different than other markets. I know, because I was in the financial field for a stint, and have been following the trends of this emerging market. This was actually a good thing for long-term investing...the national coverage from the burst bubble will bring more people trying to make easy money. Just watch your butt from now on. If you see a double-digit rise for days, expect this to happen, and don't get too greedy. The big upward trends have been good for just under two weeks on average, before a correction. If you haven't noticed with the past four significant corrections- the first happened on a Friday, the second was on a Thursday (only 1 week after the previous), the third was on a Wednesday, and the fourth was this past Tuesday night. It's almost funny to me, because I told a vendor who hedges that I wanted to get my order in on Monday night because the market was maxed out and due to crash. The reason it was 'almost' funny was because I still lost money on my coin. Then again, it wasn't mine to begin with.
Keep a base amount for profit (maybe 1/3 of your coin), and use the rest for purchases. I'm still up close to triple my initial investment on my remaining coins, have liquidity ready to deposit when it bottoms out, and will be sitting on product. If you use your liquidity to heighten profit, make it short term (no more than a week). Cash out the principal, or buy product, and only let the profits ride. Wait to use more of your liquidity until there's a correction, or you make another purchase. I split my investment into thirds this way, and it has kept me really happy. Just keep rotating, and you'll avoid these big swings.
I predict that the market will tumble a little lower tomorrow, but will temporarily stagnate. It depends on the small-timers to make the market begin to rise over the weekend. If not enough people invest, it will continue to slowly lose ground before it picks back up by mid-week next week. If you see it begin to steadily rise on Saturday night or Sunday, expect the market to make solid gains come Monday-Tuesday. This weekend will be a great indicator of what's going to happen...a big rise, expect it to carry through the week...a small loss, expect the gains to hold off a little longer. Either way, next week is going to be a good week to invest.
Now that Bitcoin has gotten bigger, the fatcats have found a way to screw the average investor (kinda reminds me of the LIBOR scandal). It's no different than stocks, bonds, other currency, or derivatives. They're in the game now, and they can hold us all hostage whenever they choose to get together and short/inflate the market. That is, unless you know their game, and don't get too greedy. Bitcoin is a 2.1 billion dollar industry now (at 100/coin), and the worst kind of addicts have gotten their hands on their favorite fix (at your expense).
Hahaaaa great lines :D :D
i nearly lost my trust in BTC´s :) but damned ekoostik you cleared my mind :)
I would instantly want you as my personal BTC manager :D :D for 20% of my BTC profit :D ??
Well, i dont know much bout the BTC´s but could this be a result of the beginning war??
and all BTC users somehow finance it??
...
Peace
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Hey Chaos, Sleep well last night?
Check out this site, it might save you some $$$ WARNING: [clearnet] TheBubble.com. "The vertical jump in prices was indicative of a "mania phase," and predicted Bitcoin prices will eventually retreat to pre-mania levels of less than $15 apiece."
"Given that the Bitcoin market is relatively small (about $2.5 billion), it won't take much for a bubble to pop."
If you have followed my posts, I predicted 3 days ago that this would happen.
You may PM me for private instruction if you wish.
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I extracted this from THE BUZZ, Bitcoins are a bubble. very interesting.........
First there was Tulip Mania. Then there was the dotcom craze. And let's not forget the run-up in housing prices. The newest bubble on the block is in Bitcoins, a 4-year-old virtual currency that has already increased ten-fold this year. And like all other bubbles, this probably won't end well for any investors who jump in way too late.
Prices have nearly doubled during the past two weeks, and show no sign of slowing anytime soon.
"It is rare that we get to see a bubble-like phenomenon trade tick for tick in real time," said Wall Street veteran Art Cashin in a recent note to clients. "But all that may be changing -- before our very eyes -- quite literally."
Related: Bitcoin ATMs coming soon
According to Jesse Colombo, an independent financial analyst and investor who keeps close tabs on bubbles at TheBubbleBubble.com, the Bitcoin bubble is currently in a mania phase.
"We're beyond the point where Bitcoins are only talked about among the early adopters, like tech geeks," said Colombo, who warned in early 2004 that the housing bubble and banking bubble would trigger a financial collapse. "Bitcoins are getting a lot more media attention and we're seeing a lot of enthusiasm, greed and delusion."
The buying frenzy has pushed the value of total Bitcoins to more than $1.4 billion, up from less than $150 million at the beginning of the year. The currency really gained attention, and traction, in the wake of a mini-bank run in Cyprus that raised concerns about the health of government-backed paper currencies like the euro and dollar.
Related: Major Bitcoin exchanges hit with cyberattacks
But Colombo says that's not enough to justify the parabolic rise in Bitcoin prices.
"I could understand a long-term uptrend based on worries about paper money," he said. "But there's no real catalyst for the market to go up as vertically as it has."
If the Cyprus crisis was the true spark, Colombo said he would expect gold and silver prices to rise in tandem, but that hasn't been the case. Gold prices have actually retreated this week, falling to a ten-month low.
While Colombo doesn't believe the Bitcoin is doomed to fail, he expects prices to retreat back to pre-mania levels -- less than $15 apiece.
It's hard to predict when investors will realize they're paying too much for Bitcoins, but it won't take much for prices to drop quickly. Given that the Bitcoin market is small, all it could take is just one large sale to give investors a reality check, said Colombo.
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All I know is when I look at my exchange its at 92$. Why can't it raise as things all cool down?
Chaos
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As long as my paycheck doesn't come in btc, I'm leaving the big investments for the other daredevils.
Last week, on the bitcointalk forum I've seen alot of selfcongratulating on being the new wealthy citizens of the New World, the richmen of a New Era and how we're all part of the most important thing in history since the lightbulb and more funny stuff. Those guys should get amped up and post on our forum in the amp/meth thread.
I wanted to check how they're doing today but weird enough, there was no trace of those posts lmao.
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But Colombo says that's not enough to justify the parabolic rise in Bitcoin prices.
"I could understand a long-term uptrend based on worries about paper money," he said. "But there's no real catalyst for the market to go up as vertically as it has."
Oh NO mr fuckwit economist ...you saw this train comee down the tracks
said Colombo, who warned in early 2004 that the housing bubble and banking bubble would trigger a financial collapse.
as it almost fuckin did and yet he claims , that even though the world economy almost stalled, and LOTS of folks lots lots of dosh ... AND YET " that's not enough to justify the parabolic rise in Bitcoin prices." :o Fuck Me! :o
ANY economist worth the salary could've/should/ve said the same ... It WAS planned ... a very clever plan btw ... if you're a deadset selfich cunt >:(
Hi Maxxie, sorrrry for smashing your post, I was not picking You apart . motek likes you 8) , just commenting on the guys who 'everyone thinks is a genuis' talks shit ::) .... +1 for trying babe ;)
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Motec what is your point? The run up in bitcoin prices was PLANNED?
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yep.....thoroughly down to the finest detail .... just waiting for the oppotunity
But ... me thinx they'll fail
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yep.....thoroughly down to the finest detail .... just waiting for the oppotunity
But ... me thinx they'll fail
you believe me now motek? intraday low $46
ummmm.........what happened to $266?
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Jesus christ.. there not robbing anyone dude.. pretend YOU ran than business now, and bitcoins were going up and down DRASTICALLY in hours... your business would get fucked up as well...
if u did a transfer and it didnt get through, dont sit and do nothing... hit up their live help, email them, go to bitcointalk and create a account, takes 5 seconds, and create a forum and hit up there rep he WILL answer you within the day and most likely fix your problem, im sure youve lost a fair amount of money....
Even i did through bitcopia, it took about 4 hours and i went from 950$ to 750$ but thats the game u play when u wana buy in uncertain times..
hopet his helps
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Read this ;) from wired about E Gold that started before bitcoin, it's only the fisrt bit you will have to check out the link for the whole story ... it's quite long
MELBOURNE, Florida — In a sparsely decorated office suite two floors above a neighborhood of strip malls and car dealerships, former oncologist Douglas Jackson is struggling to resuscitate a dying dream.
Jackson, 51, is the maverick founder of E-Gold, the first-of-its-kind digital currency that was once used by millions of people in more than a hundred countries. Today the currency is barely alive.
Stacks of cardboard evidence boxes in the office, marked “U.S. Secret Service,” help explain why, as does the pager-sized black box strapped to Jackson’s ankle: a tracking device that tells his probation officer whenever he leaves or enters his home.
“It’s supposed to be jail,” he says. “Only it’s self-administered.”
Jackson, whose six-month house arrest ends this month, recently met with Wired.com for his first in-depth interview since pleading guilty last year to money laundering-related crimes, and to operating an unlicensed money transmitting service. His tale is one of countless upstarts and entrepreneurs who approached the internet with big dreams, only to be chastened by sobering realities. But his rise and fall also offers a unique glimpse at the web’s frontier halcyon days, and the wilderness landscape that still covers much of the unregulated and un-policed web, where fraud artists prospect for riches alongside pioneers, and sometimes stake, and win, a claim on their territory.
Despite the shackle, Jackson’s conviction isn’t black and white. In a twist still unacknowledged by prosecutors, Jackson turned E-Gold for a time into one of law enforcement’s most productive honey pots, providing information that helped lead to the arrest and conviction of some of the web’s most wanted credit card thieves and hackers. He’s now working with regulatory agencies to try to bring back E-Gold, steps he says he would have taken voluntarily years ago if authorities had given him a chance.
http://www.wired.com/threatlevel/2009/06/e-gold/all/
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My exchange says 63$ right now. I still have faith in bitcoin. I hope I'm not wrong,
Chaos
Mt. Gox claims 20,00 new accounts daily. Heard they're throwin' in a free jar of Vaseline. :o
BTW.....How's your fortune doin' Chaos?
Hurfuckinray!!!!! The price of a bitcoin is now 12$ more than what I paid. I'm back bitches!!!!!
Chaos 8)